It's a matter of what you
value most, money or people, in this case your own parents.

What About My Heirs? It's All About the Money.

Senior homeowners are investigating Reverse Mortgages as a way to make their life easier. Because the process is not well understood by many, admittedly some attorneys and financial planners, the Reverse Mortgage has gotten a bad rap. With more exposure and more education, this is changing. However, there can be conflicts from offspring whose concern is not mom and dad's welfare, but their own wants and needs. Here is an article that portrays the experience of some seniors who are trapped between their desire for a better lifestyle and their heirs who wonder what will be left when their parents pass away.

"A Reverse Mortgage stole my inheritance." by Mark Flanders

"But mom, you're spending my inheritance!"

I was dumbfounded and shocked to hear my client's daughter almost shout this at her mother in my office. I had to struggle to regain my professional demeanor. It took me several moments. The mother said nothing. The daughter sat back grumbling about her mother's insensitivity with no apparent embarrassment. My client was in my office to apply for a Reverse Mortgage.

Path to growing old. There is a curious and distasteful dynamic that sometimes happens when an elderly couple or individual attempts to get a Reverse Mortgage. A loan officer is often witness to the greedy side of human nature. The adult children of elderly parents can be cruel and grasping. They view Reverse Mortgages as something being stolen from them. They treat their own parents as thieves.

Are you able to assist your parents with their current financial situation? Reverse Mortgages can offer options for today and tomorrow.

I learned a long time ago that it is better to keep my mouth shut when my temper is up. And with my loan officer hat on, I don't feel that I have the luxury of making remarks about a person's personal set of values. So today, because this is my blog, I will use it to try and rid myself of the unpleasant aftertaste this meeting left in my mouth. With that in mind, here's a piece of my mind.

The equity in a home does not belong to the heirs while the parents are alive. It may be a gift after they die; it may not be. The equity in the house is something the parents worked for; not the children.

You've worked you're entire life. Now your nest egg is paying you back. Access the equity in your home -- with no monthly mortgage payments!

The parents' quality of life when they are elderly is often reduced because of rising costs and falling incomes. Often, the only asset the parents have left to work with is the home. The children can either support them now financially, hoping to get the house afterwards, or use a Reverse Mortgage to make life easier for everyone. The parents are often trying to not become a financial burden on their children. The parents are not trying to spend or give away anything, they are trying to survive with some small comforts."

Reverse Mortgage counseling is required as a safeguard for Reverse Mortgages. Your counselor will review the process with you and review your financial goals. For Reverse Mortgage Safeguards, click here.

"It must be very difficult to maintain any sense of dignity while getting older with family members who behave this way."

By permission: Mark Flanders/Olympic Northwest Mortgage-see below for links.

Silverdale, WA Office Phone: (360) 698-2000 Ext.: 127
http://www.olynorthwest.com

Different Types of Reverse Mortgages

Reverse Mortgage Counseling

Structuring Your Reverse Mortgage

Purchase a Home
With a Reverse Mortgage

Reverse Mortgages can provide peace of mind and change lives.

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